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Hecla Mining Company

www: www.hecla.com   email: hmc-info@hecla-mining.com
Category: Major
Rating:
Upside Downside Quality
3.5 3.5 A
Risk: Moderate View History

Rating History

Date Category Rating Risk
Upside Downside Quality
01/08/2026 Major 2.5 3.0A-Moderate
Current Major 3.5 3.5AModerate
Profile
Notes
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Your Data
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Price Data

Symbol Traded Checked Price
NYSE:HL 10/16/2026 10/16/2026 USD 15.30

Performance

+/-
since 		1 Day Last Friday 4 Weeks
-0.44% -10.37% -19.13%
3 Months 6 Months 1 Year
6.92% -21.66% 9.78%

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Scorecard   (1 Star = Poor, 5 Stars = Excellent)

Category Don's Site Average Yours Category
Balance Sheet Balance Sheet
Costs (Exp/Dev/Prod) Costs (Exp/Dev/Prod)
Exploration Potential Exploration Potential
Management/Execution Management/Execution
Ownership/Hedging Ownership/Hedging
Project Locations/Taxes Project Locations/Taxes
Properties/Projects/Pipeline Properties/Projects/Pipeline
Share Structure/Dilution Share Structure/Dilution
Risk (1 = High, 5 = Low) Risk (1 = High, 5 = Low)
Upside Potential Upside Potential
11 Ratings

Your Summary (edit)

Stock Summary (from last analysis - 01/08/2026)

Hecla Mining is a silver and gold mining company (about 45% revenue from silver and 40% revenue from gold). They used to be a low-cost silver producer. That is no longer true. Their breakeven cost (FCF) for silver is around $27 per oz, and $2,700 for gold. Their current FCF run-rate is about $1B at $4,400 gold and $73 silver.

Their balance sheet has been improving. Currently, they have $133M in cash and $277M in debt. In 2026, I expect their balance sheet to look much better.

They have 4 long-life, high-grade mines. They are well-positioned for this bull market. All of their mines are in either the USA (Luck Friday, Greens Creek), or Canada (Casa Berardi, Keno Hill). They are likely to remain focused on both silver and North America.

They have a plethora of non-core properties that are not getting much attention. They should spin them all out and focus on acquiring high-quality producing mines.

They are not very good at acquiring and developing projects. They never provide guidance beyond the current year or a timeline for any development projects. It’s hard to get excited about their management team or strategy.

This is a must-own stock because of the location of their mines and leverage to higher silver prices. I like to say that Wall Street will buy it like candy as silver prices rise. They tend to perform poorly in bear markets, but extremely well in bull markets.

They have huge resources with almost 1 billion oz of silver and 10 million oz of gold. Ironically, they don’t have any quality development projects that point to production growth. It’s pretty obvious they need to spin out most of their non-core properties. They could do an IPO and raise $50M to help this new company hit the ground running. They could keep 50%.

They need to acknowledge they are weak at advancing development projects they have acquired: Mines Management, Revett, Klondex, and ATAC. Spin these out to a new management team that has stronger development DNA.

After you do the spin-out, call Coeur Mining and a merger of equals!

1/26/2026: Sold Casa Berardi for $600M to Orezone. They lose 90,000 oz of gold production.


2/17/2026: Q4 results. 3.8M oz AG at $12 AISC. Guidance for 2026. 15.5M oz at $15.50 AISC. FCF run rate $700M. FCF multiple 20. Cash balance $242M. Debt $275M.



DD

General Details

Financial 01/08/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $14,154.00M $10,312.20M 01/08/2026
MCap (OS): $14,072.07M $10,252.51M 01/08/2026
Total Assets: $3,200.00M $3,200.00M 01/08/2026
Total Liabilities: $772.00M $500.00M 05/05/2026
Current Assets: $205.00M $483.00M 08/04/2026
Current Liabilities: $188.00M $188.00M 01/08/2026
Total Debt: $277.00M $0.00M 05/05/2026
Cash: $133.00M $483.00M 08/04/2026
Debt (Net): $144.00M $-483.00M
Enterprise Value: $14,298.00M $9,829.20M
Cash Flow: $1,035.21M $461.75M never
Cash Flow Multiple: 13.67 22.33 never
Net Debt to
Cash Flow Ratio:		 0.14 n/a never
Finance within 1 year: 01/08/2026
Misc 01/08/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 670,098,670 670,098,670 01/08/2026
Shares (FD): 674,000,000 674,000,000 01/08/2026
Insider Ownership: n/a n/a 01/08/2026
Dividend (Annual): 0.38% 0.52% 08/04/2026
Company Type: Mostly Silver Mostly Silver never
Group: Producer Producer never
Production ETA: n/a n/a 01/08/2026
Production (Gold Eq Oz.): (guess) 
427,469		 (guess) 
211,561		 02/17/2026
Production (Silver Eq Oz.): (guess) 
24,969,963		 (guess) 
15,500,000		 02/17/2026
Development Phase: Producer (Single Mine) Producer (Multiple Mines) 02/17/2026
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 30
Producer: Elite Quality
 30
Producer: Elite Quality
 01/08/2026
Cash Flow Multiple: 25 30 02/18/2026

Resource Data

GOLD 01/08/2026
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 2.20M n/a 02/17/2026
Measured & Indicated: 6.50M n/a 02/17/2026
Inferred: 6.00M n/a 02/17/2026
Reserves & Resources: 12.50M n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 1.76M n/a 02/17/2026
Measured & Indicated: 4.51M n/a 02/17/2026
Inferred: 2.40M n/a 02/17/2026
Reserves & Resources: 6.91M n/a never
C
U
R
R
E
N
T		 Annual Production: (guess) 
145,000oz.		 n/a
Cash Cost: $2,000 n/a 02/17/2026
Extra Operating Cost: $800 n/a 02/17/2026
Total: $2,800 n/a 02/17/2026
Margin (Free Cash Flow): $1,652 (37%) n/a
MCap / Production (AuEq): $33,111.19 $48,743.33
EV / Production (AuEq): $33,448.06 $46,460.30
G
R
A
D
E		 Underground (Avg): 3.00 g/t n/a 02/17/2026
Open Pit (Avg): n/a n/a 02/17/2026
Recovery Rate: (CG)  80.00% n/a 02/17/2026
F
U
T
U
R
E		 Proven & Probable: 6.00M n/a 02/17/2026
Annual Production: 150,000oz. n/a 02/17/2026
Cash Cost: $2,200 n/a 02/17/2026
Extra Operating Cost: $800 n/a 02/17/2026
SILVER 01/08/2026
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 240.00M 240.00M 01/08/2026
Measured & Indicated: 420.00M 420.00M 01/08/2026
Inferred: 450.00M 450.00M 01/08/2026
Reserves & Resources: 870.00M 870.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 216.00M 216.00M 01/08/2026
Measured & Indicated: 345.60M 345.60M 01/08/2026
Inferred: 202.50M 202.50M 01/08/2026
Reserves & Resources: 548.10M 548.10M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
16,500,000oz.		 (guess) 
15,500,000oz.		 01/26/2026
Cash Cost: $12.00 $12.00 05/05/2026
Extra Operating Cost: $16.00 $15.00 05/05/2026
Total: $28.00 $27.00 05/05/2026
Margin (Free Cash Flow): $48.22 (63.26%) $29.79 (52.46%)
MCap / Production (AgEq): $566.84 $665.30
EV / Production (AgEq): $572.61 $634.14
G
R
A
D
E		 Underground (Avg): 350.00 g/t 350.00 g/t 01/08/2026
Open Pit (Avg): n/a 60.00 g/t 01/08/2026
Recovery Rate: (CG)  90.00% (CG)  90.00% 08/04/2026
F
U
T
U
R
E		 Proven & Probable: 450.00M 450.00M 01/08/2026
Annual Production: 17,000,000oz. 17,000,000oz. 01/08/2026
Cash Cost: $14.00 $15.00 02/17/2026
Extra Operating Cost: $18.00 $15.00 02/17/2026

Property

Last Analysis Data  (01/08/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Casa Berardi
100 n/a
Prod Keno Hill
100 show
Large property with several projects.

Includes the following:

Bellekeno
Flame & Moth
Lucky Hill

Size: 23,000 ha
Dev Rackla
100 show
The Rau Trend and Nadaleen Trend make up the Rackla Property (400,000 acres). 115 mile trend.

Tiger (650,000 oz at 2.6 gpt)
Ocelot
Bobcat
Spotlight
Cheetah
Panther
Blue Lite
Cub
Now

Size: 170,000 ha
Prod Greens Creek
100 n/a
Prod Lucky Friday
100 n/a
Dev Montanore
100 show
Currently permitting. Should be completed in 2015 if there are no legal challenges.

230 million oz deposit (60 gpt), plus 1.7 billion lbs of copper.
Dev Rock Creek
100 show
230 million oz deposit (50 gpt). Plus 2.5 billion lbs of copper.

Need final permit (due in 2015).

After final permit, they will need 4-5 years for the final feasibility study and construction.

Production possible in 2019 or 2020.
Exp Nevada (Multiple)
100 n/a
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Casa Berardi
100 n/a
Prod Keno Hill
100 show
Large property with several projects.

Includes the following:

Bellekeno
Flame & Moth
Lucky Hill

Size: 23,000 ha
Dev Rackla
100 show
The Rau Trend and Nadaleen Trend make up the Rackla Property (400,000 acres). 115 mile trend.

Tiger (650,000 oz at 2.6 gpt)
Ocelot
Bobcat
Spotlight
Cheetah
Panther
Blue Lite
Cub
Now

Size: 170,000 ha
Prod Greens Creek
100 n/a
Prod Lucky Friday
100 n/a
Dev Montanore
100 show
Currently permitting. Should be completed in 2015 if there are no legal challenges.

230 million oz deposit (60 gpt), plus 1.7 billion lbs of copper.
Dev Rock Creek
100 show
230 million oz deposit (50 gpt). Plus 2.5 billion lbs of copper.

Need final permit (due in 2015).

After final permit, they will need 4-5 years for the final feasibility study and construction.

Production possible in 2019 or 2020.
Exp Nevada (Multiple)
100 n/a

Profitability (by resource)

Proven &
Probable		 01/08/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 34.87% n/a n/a
Percentage Silver: 65.13% 100.00% n/a
Total (Gold Eq. Oz.): 6.31M n/a n/a
Total (Silver Eq. Oz.): 368.51M 240.00M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 5.46M n/a n/a
Silver Eq. Oz.: 318.81M 216.00M n/a
Maximum Profit (Gold): $2,908.01M n/a n/a
Maximum Profit (Silver): $10,415.52M $6,434.64M n/a
Total Maximum Profit: $13,323.53M $6,434.64M n/a
Max Profit / Current MCap: 0.941 0.624 n/a
Max Profit Per Share (Gold): $4.31 n/a n/a
Max Profit Per Share (Silver): $15.45 $9.55 n/a
Total Max Profit Per Share: $19.77 $9.55 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $2,593.37 $3,497.79 n/a
FD MCap / Silver Eq.: $44.40 $47.74 n/a
FD MCap / Per Metal
as % Spot Price:		 58.25% 84.07% n/a
EV / Gold Eq.: $2,619.75 $3,333.96 n/a
EV / Silver Eq.: $44.85 $45.51 n/a
EV / Per Metal
as % Spot Price:		 58.84% 80.13% n/a
Measured &
Indicated		 01/08/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 47.48% n/a n/a
Percentage Silver: 52.52% 100.00% n/a
Total (Gold Eq. Oz.): 13.69M n/a n/a
Total (Silver Eq. Oz.): 799.69M 420.00M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 10.43M n/a n/a
Silver Eq. Oz.: 609.16M 345.60M n/a
Maximum Profit (Gold): $7,455.09M n/a n/a
Maximum Profit (Silver): $16,664.83M $10,295.42M n/a
Total Maximum Profit: $24,119.92M $10,295.42M n/a
Max Profit / Current MCap: 1.704 0.998 n/a
Max Profit Per Share (Gold): $11.06 n/a n/a
Max Profit Per Share (Silver): $24.73 $15.28 n/a
Total Max Profit Per Share: $35.79 $15.28 n/a
Total Free Profit Per Share: $14.79 $0.00 n/a
FD MCap / Gold Eq.: $1,357.25 $2,186.12 n/a
FD MCap / Silver Eq.: $23.24 $29.84 n/a
FD MCap / Per Metal
as % Spot Price:		 30.48% 52.54% n/a
EV / Gold Eq.: $1,371.06 $2,083.72 n/a
EV / Silver Eq.: $23.47 $28.44 n/a
EV / Per Metal
as % Spot Price:		 30.79% 50.08% n/a

Reserves &
Resources		 01/08/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 45.63% n/a n/a
Percentage Silver: 54.37% 100.00% n/a
Total (Gold Eq. Oz.): 27.39M n/a n/a
Total (Silver Eq. Oz.): 1,600.17M 870.00M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 16.30M n/a n/a
Silver Eq. Oz.: 951.85M 548.10M n/a
Maximum Profit (Gold): $11,420.56M n/a n/a
Maximum Profit (Silver): $26,429.38M $16,327.90M n/a
Total Maximum Profit: $37,849.94M $16,327.90M n/a
Max Profit / Current MCap: 2.674 1.583 n/a
Max Profit Per Share (Gold): $16.94 n/a n/a
Max Profit Per Share (Silver): $39.21 $24.23 n/a
Total Max Profit Per Share: $56.16 $24.23 n/a
Total Free Profit Per Share: $35.16 $8.93 n/a
FD MCap / Gold Eq.: $868.60 $1,378.44 n/a
FD MCap / Silver Eq.: $14.87 $18.81 n/a
FD MCap / Per Metal
as % Spot Price:		 19.51% 33.13% n/a
EV / Gold Eq.: $877.44 $1,313.87 n/a
EV / Silver Eq.: $15.02 $17.93 n/a
EV / Per Metal
as % Spot Price:		 19.71% 31.58% n/a

Future Valuation (Cash Flow & Totals)

Totals 01/08/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
C
U
R
R
E
N
T		 R & R Valuation: $21,765.10M $9,337.98M n/a
FD MCap: $14,154.00M $10,312.20M n/a
Annual Gold Production: (guess) 
145,000oz.		 n/a
Annual Silver Production: (guess) 
16,500,000oz.		 (guess) 
15,500,000oz.		 01/26/2026
F

U

T

U

R

E		 FD MCap (Resources): $31,050.00M $27,000.00M n/a
FD MCap Growth (Resources): 119% 162% n/a
FD MCap (Cash Flow): $61,400.00M $86,700M n/a
FD MCap Growth (Cash Flow): 334% 741% n/a
Estimated
Price		 USD: $91.10 $128.64 n/a
Ratio FD MCap (Resources : Cash Flow): 0.51 0.31 n/a
Annual
Production		 Gold: 150,000 oz. n/a n/a
Silver: 17,000,000 oz. 17,000,000 oz. n/a
Current
FD MCap / 		Gold Eq. Reserves: 820.52 802.06 n/a
Silver Eq. Reserves: 20.51 22.92 n/a
Gold Eq. Production: 24,615.65 21,231.00 n/a
Silver Eq. Production: 615.39 606.60 n/a
P&P
Reserves
(oz.)		 Gold: 6.00M n/a 02/17/2026
Silver: 450.00M 450.00M 01/08/2026
Gold Eq.: 17.25M 12.86M 02/17/2026
Silver Eq.: 690.00M 450.00M 02/17/2026
P&P Reserves
per FD
Share (oz.)		 Gold: 0.009 n/a n/a
Silver: 0.668 0.668 n/a
Gold Eq.: 0.026 0.019 n/a
Silver Eq.: 1.024 0.668 n/a
Free Cash Flow 01/08/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
Current: $1,035.21M $461.75M n/a
Current Multiple: 13.67 22.33 n/a
Current FCF/MCap Ratio: 7.31% 4.48% n/a
Current FCF/Share: $1.54 $0.69 n/a
F
U
T
U
R
E		 @ current pm prices: $969.58M $455.43M n/a
Multiple @ current pm prices: 14.60 22.64 n/a
Growth @ current pm prices: -6.34% -1.37% n/a
@ future prices: $2,456.00M $2,890.00M n/a
Multiple @ future prices: 5.76 3.57 n/a
Growth @ future prices: 525.89% 525.89% n/a

Defaults